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New Delhi, Commerce Secretary Sunil Barthwal on Friday said India is ready to trade in Indan Rupee with countries which are facing currency failure or have dollar shortage. Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India's exports to USD 2 trillion by 2030, the secretary also said the government is focusing on strengthening the rupee payment system. Changes have been made in the FTP to allow international trade settlement in Indian Rupee with a view to making INR a global currency. Addressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of USD 2 trillion by 2030 will be met. He stressed that any industry cannot succeed only on the basis of subsidy or crutches. In the coming days, the idea of exports will change in the country, Goyal said. FTP 2023 has been announced to provide policy continuity and a responsive framework, said Director General of Foreign Trade (DGFT) Santosh Sarangi. The FTP has also introduced an amnesty scheme for one-time settlement of default in export obligation by Advance Authorisation and EPCG authorisation holders. All pending cases of the default in meeting export obligation (EO) of authorisations mentioned can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted. However, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty. Policy for export of dual use items under Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) has been consolidated at one place for ease of understanding and compliance by industry. SCOMET policy emphasises India's export control in line with its international commitments under various export control regimes (Wassenaar arrangement, Australia group and Missile Technology Control Regime) to control trade in sensitive/dual use items/technology.

India ready for rupee trade with countries facing currency crises: Commerce Secretary

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated by 10 paise to 82.75 against the US dollar in early trade on Thursday amid negative trends in the domestic as well as global equity markets and continued outflow of foreign funds. At the interbank foreign exchange, the domestic unit opened weaker at 82.77 against the US dollar and traded in the range of 82.80 and 82.71. Later, the domestic unit was trading at 82.75 against the greenback, registering a fall of 10 paise. On Wednesday, the rupee settled at 82.65 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 104.54. Global oil benchmark Brent crude futures rose 0.61 per cent to USD 74.14 per barrel. The 30-share BSE Sensex was trading 116.67 points or 0.20 per cent lower at 57,439.23 points while the broader NSE Nifty was down 34 points or 0.2 per cent at 16,938.15 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 1,271.25 crore, according to exchange data. Analysts said the failure of two banks in the US and crisis at Swiss banking major Credit Suisse have adversely impacted market sentiments. On the domestic front, India's exports contracted in February for the third consecutive month, falling 8.8 per cent to USD 33.88 billion against USD 37.15 billion in the same month last year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gail-vedanta-indian-oil-among-stocks-to-watch/articleshow/98681948.cms">Sensex, Nifty50 edge up led by gains in FMCG, oil &amp; gas stocks</a> <a href="https://www.businessinsider.in/finance/news/indias-ma-activity-gets-off-a-slow-start-in-2023-refinitiv/articleshow/98665862.cms">India’s M&amp;A activity gets off to a slow start in 2023: Refinitiv</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-remain-optimistic-about-indias-top-100-stocks-most-popular-5-stocks-deliver-double-digit-returns/articleshow/98648739.cms">Analysts remain optimistic about India’s top 100 stocks: Most popular 5 stocks deliver double digit returns</a>

Rupee falls 10 paise to 82.75 against US dollar in early trade

<div class="KonaFilter image-container float_right"><div class="image on-image">Reuters</div></div><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s <a href="http://www.businessinsider.com/whats-happening-to-the-indian-rupee-2013-7">rupee has faced a lot of volatility</a> over the past few months. But some believe the worst is over.
Demand at government bond auctions is up after months of failed auctions, <a href="http://blogs.wsj.com/indiarealtime/2013/10/08/bonds-bounce-on-hopes-worst-is-over/">the Wall Street Journal reported</a>.
The <keyword id="6355302" type="ORGANIZATION" weightage="60" keywordseo="Rupee">rupee</keyword> has gained nearly 9.2% since lows in the beginning of September. But it is still over 16% lower than last year. 
In an effort to drum up enthusiasm among foreign investors, the government has partnered with the World Bank's International Finance Corporation (IFC) to launch its first offshore rupee bond program. The partnership with the IFC aims at allaying foreign investors' fears over India's slowing growth and policy paralysis. 
As part of this effort, the bonds will be sold in dollars, and then converted back to rupees which would be invested in India's private sector, <a href="http://www.ft.com/intl/cms/s/0/66a5c5be-305a-11e3-9eec-00144feab7de.html?ftcamp=crm/email/2013109/nbe/AsiaMorningHeadlines/product#axzz2hK5MXtVD">according to the FT</a>. Investors would be repaid in dollars, but returns would depend on fluctuations in the rupee's interest rates and exchange rates.
"By co-working with the World Bank you get some of the credit risks involved with India off the table," Vishnu Varathan, an economist at Mizuho, <a href="http://www.bbc.co.uk/news/business-24455590">told the BBC</a>. 
The proposal was quickly accepted by India's gridlocked political machinery. The chief executive of the IFC, Jin Yong Cai, told the FT, "Suddenly you have all these dislocations and volatility of the exchange rate... People realise, boy, this is an important thing."
The first offshore rupee bond auction is expected to take place before the end of 2013.

India Is Working On A Big Plan To Boost The Rupee

Mumbai, The <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">rupee</keyword> edged lower by 1 paisa to settle at an all-time low of 83.10 (provisional) against the US dollar on Friday, weighed down by a negative trend in domestic equities and foreign fund outflows. Forex traders said the rupee is likely to trade with a negative bias on risk aversion in global markets and a rising US dollar. At the interbank foreign exchange, the domestic unit opened at 83.03 against the dollar and moved in a range of 83.02 to 83.13 in the day trade. It finally ended the day at 83.10 (provisional), registering a fall of 1 paisa from its previous close. On Thursday, the rupee settled lower by 1 paisa at a record low of 83.09 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.11 per cent to 103.46. Brent crude futures, the global oil benchmark, declined 0.32 per cent to USD 83.85 per barrel. The rupee declined marginally on weak domestic markets and foreign fund outflows, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, the softness of the US dollar cushioned the downside. The US dollar eased as the Chinese central bank intervened after the Yuan fell to a 16-year low. The US dollar gained on Thursday as US weekly unemployment claims declined to 239,000 as compared to 250,000 in the previous week showing a tight labour market. "We expect the rupee to trade with a negative bias on risk aversion in global markets and overall strength in the greenback. Recovery in crude oil prices may also weigh on Rupee. However, any intervention by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> may support Rupee at lower levels. <keyword id="238223" type="General" weightage="50" keywordseo="usdinr" source="Orion">USDINR</keyword> spot price is expected to trade in a range of Rs 82.80 to Rs 83.50," Choudhary added. On the domestic equity market front, the 30-share BSE Sensex closed 202.36 points or 0.31 per cent lower at 64,948.66 points. The broader NSE Nifty declined 55.10 points or 0.28 per cent to close at 19,310.15 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,510.86 crore, according to exchange data.

Rupee falls 1 paisa to close at all-time low yet again

<div class="image-container float_right" style="width:480px"><div class="image">Noah Seelam/AFPDemocratic Youth Federation of <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> activists hold placards as they shout slogans during their protest over the <keyword id="6355302" type="ORGANIZATION" weightage="60" keywordseo="Rupee">rupee</keyword>'s fall in Hyderabad on August 23, 2013. India's finance minister P. Chidambaram met with top bankers Saturday to discuss ways to boost the weak rupee and bring in more foreign capital to bridge a trade gap that has put pressure on the currency.</div></div>India's finance minister P. Chidambaram met with top bankers Saturday to discuss ways to boost the weak rupee and bring in more foreign capital to bridge a trade gap that has put pressure on the currency.
Chidambaram was accompanied by top officials at the meeting in India's financial hub of Mumbai with representatives of leading private and public sector banks.
As the US economy picks up, the Federal Reserve is expected to start winding down its bond-buying stimulus scheme which has helped fuel an investment splurge in Asia's emerging markets.
"The meeting was mainly to seek ideas and suggestions on what can be done about capital inflows. It was a very good and positive meeting," ICICI Bank's chief executive Chanda Kochhar told reporters.
India's large current account deficit -- the broadest measure of trade -- must be funded with foreign capital, and the country is seen as one of the most vulnerable among emerging market nations whose currencies are under pressure globally.
India's rupee recovered from historic lows against the dollar Friday, marking its biggest single-day gain in nearly a year, but analysts warned the currency's overall trend was still bearish.
The rupee, one of Asia's worst performing currencies, bounced back 2.09 percent -- its biggest one-day gain since September 2012 -- to end trade at 63.20 Friday, up from its record closing low of 64.55 the previous day.
The Indian unit, which had hit a new lifetime intraday low of 65.56 Thursday, was boosted Friday by comments by Chidambaram and the Reserve Bank of India.
Chidambaram said the currency panic was "unwarranted" and the rupee had "overshot" its "appropriate level".
He added there was no plan to impose more capital controls on top of ones announced this month, and that reviving growth, which hit a decade low of five percent last year, would be the government's focus.
The central bank governor Duvvuri Subbarao, meanwhile, dismissed investor fears India is hurtling towards a balance of payments crisis similar to one in 1991.
Ten-year government bonds also posted their biggest weekly gain in four-and-a-half-years, of 62 paise ($0.01) to 8.26 percent, while shares rebounded by 1.13 percent to 18,519.44 points.
But analysts said the relief might be only temporary and the rupee could soften further, with Deutsche Bank suggesting it could fall to 70 to the dollar.
"There is a slight change in sentiment after the finance minister's statements but the overall trend is still bearish," said Param Sarma, chief executive at consultancy NSP Forex.
<div class="nc_footer">
Copyright (2013) AFP. All rights reserved.
</div>

India Is Scrambling To Figure Out What To Do About Its Tumbling Rupee

Mumbai, The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated by 8 paise to 82.74 against the US dollar in early trade on Friday, tracking a firm dollar against major rivals overseas. Analysts said, weak sentiment in the domestic equity market and elevated level of crude prices nearing USD 87 per barrel also weighed on the domestic unit. On Thursday, the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> in its bi-monthly monetary policy review decided to keep key interest rate unchanged, but hinted at tighter policy if food prices drive inflation higher. The American currency regained after US consumer price inflation showed moderation in July, raising hopes that the <keyword id="6356435" type="General" weightage="80" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> would pause rate hike. At the interbank foreign exchange market, the local unit opened at 82.75 against the US dollar and moved in a narrow range of 82.73 to 82.76. It later traded at 82.74 against the greenback, registering a fall of 8 paise from its previous close. On Thursday, the rupee rebounded 19 paise to close at 82.66 against the US dollar after the RBI asked banks to set aside a larger part of incremental deposits under the cash reserve ratio (CRR) as part of measures to take out excess liquidity from the banking system. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 102.57. Global oil benchmark Brent crude was trading 0.02 per cent lower at USD 86.38 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 229.33 points or 0.35 per cent lower at 65,458.85. The broader NSE Nifty declined 76.05 points or 0.39 per cent to 19,467.05. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 331.22 crore, according to exchange data.

Rupee falls 8 paise to 82.74 against US dollar

The Indian <keyword id="6355302" type="ORGANIZATION" weightage="60" keywordseo="Rupee">rupee</keyword> rollercoaster ride continues.
After booking its <a href="http://www.bloomberg.com/quote/USDINR:CUR/chart">biggest loss in years 18 years</a>, the rupee surged 3.2% against the dollar today. This was the <a href="http://www.bloomberg.com/news/2013-08-28/rbi-to-sell-dollars-to-oil-firms-as-rupee-drops-most-in-20-years.html">biggest gain since May 2009</a>.
Late Wednesday, the <a href="http://www.businessinsider.com/emerging-market-central-actions-2013-8">Reserve Bank of India said it will enter into USD-INR swaps</a> with state-owned oil-marketing companies.
"The RBI will meet the entire daily dollar requirement of three public sector oil-marketing companies through a sell/buy USD-INR swap for a fixed tenor, thereby removing the largest source of dollar demand from the market," noted Morgan Stanley's Hans Redeker.
Here's the intraday chart via <a href="http://www.bloomberg.com/quote/USDINR:CUR/chart">Bloomberg.com</a>.
<div class="image-container"><div class="image">Bloomberg</div></div>

The Indian Rupee Just Had Its Best Day In 4 Years

We've been talking about the hard fall of the Indian <keyword id="6355302" type="ORGANIZATION" weightage="60" keywordseo="Rupee">rupee</keyword> for awhile now.
The country is beset by structural flaws, and investment money is deserting the country, leading to a currency collapse.
It's even got the attention of artists.
From Reuters (via <a href="http://www.twitter.com/barnejek">@barnejek</a>)
Boys run near a sand sculpture of the Indian Rupee created by Indian sand artist Sudarshan Pattnaik at golden sea beach at Puri in the eastern Indian state of Odisha.
<div class="image-container" style="width:800px"><div class="image">REUTERS/Stringer</div></div>

Here's A Sand Sculpture About Saving The Rupee

<ul class="summary-list"><li>Russia and India have suspended negotiations over using rupees for trade, Reuters reported. </li><li>Moscow, with a high trade gap in its favor, believes accumulating rupee is "not desirable." </li></ul>Russia and India have suspended negotiations over using rupees for trade between the two countries, with Moscow reluctant to keep the Indian currency on hand, <a href="https://www.reuters.com/markets/currencies/india-russia-suspend-negotiations-settle-trade-rupees-sources-2023-05-04/">Reuters reported Thursday</a>. The halt in talks deals a blow to Indian importers of cheap Russian oil and coal who were looking forward to a permanent rupee payment mechanism that would help bring down costs for currency conversion. Russia, with a high trade gap in its favor, believed it would have an annual rupee surplus of more than $40 billion if a mechanism were enacted. Moscow felt that accumulating rupee is "not desirable," the report said, citing an unnamed official with the Indian government. India's finance ministry, the Reserve Bank of India and Russian authorities did not immediately respond to requests from Reuters for comment.Russia wants to be paid in Chinese yuan or other currencies, a second Indian government official involved in the discussions told Reuters. <a href="https://www.businessinsider.com/russia-buy-chinese-yuan-cny-replenish-foreign-reserves-ukraine-war-2023-5">Moscow has increasingly turned to the yuan</a> to move away from the US dollar after Russia was hit with Western sanctions for invading Ukraine in February 2022. India began exploring a rupee settlement mechanism with Russia soon after Moscow launched war against the former Soviet state. No reported deals have been conducted using rupees, Reuters reported. A currency dispute between Russia and India left deliveries of Russian weapons to India on hold, <a href="https://markets.businessinsider.com/news/currencies/russia-weapons-sales-india-ruble-rupee-euro-dirham-s400-dedollarization-2023-4">Bloomberg reported last month</a>. The stalemate froze more than $2 billion in payments from India. One factor that contributes to some countries not needing to hold rupees is India's share of global exports of goods, which runs at about 2%, the Reuters report said.

Russia and India reportedly halt talks over using rupees for trade, with Moscow preferring to be paid in Chinese yuan

New Delhi, Feb 26 () The Asian Development Bank (ADB) on Wednesday said it has raised Rs 850 crore (USD 118 million) from a new issue of offshore Indian rupee-linked 10-year bonds. This represents ADB's first new maturity raised in Indian rupees since 2017 and contributes to an established yield curve which stretches from 2021 through 2030 with Rs 7,240 crore (USD 1 billion) of outstanding bonds, said the multilateral lending agency in a statement. ADB's India rupee bonds have been a "game changer" for local currency operations, said ADB Treasurer Pierre Van Peteghem. "Through issues like this, ADB contributes to capital market development, attracts foreign portfolio investment, and catalyses the financing of new ADB loans and investments in Indian rupees. "On this occasion, we are also supporting the development of financial market infrastructure by listing the bonds on India International Exchange," the official said. The bonds bear a semi-annual coupon of 6.15 per cent and priced to yield 6.19 per cent. The bonds, which are denominated in Indian rupees, but settled in US dollars, were underwritten by JP Morgan and primarily distributed to investors in the Americas (21 per cent) and Europe (79 per cent). By investor type, 28 per cent of the bonds were placed with banks and 72 per cent with fund managers. The Manila-headquartered agency further said ADB will dual list its bonds on the Global Securities Market of India International Exchange at GIFT IFSC and the Luxembourg Stock Exchange. ADB is a regular borrower in the mainstream international bond markets, but has also led issuances in developing Asian countries as part of efforts to promote local currency bond markets as an alternative to bank lending. In 2019, ADB issued local currency bonds in Georgian lari, Indian rupee, Indonesian rupiah, Kazakhstan tenge, and Philippine peso. NKD SID ANSANS

ADB raises USD 118 mn from rupee-linked bonds

<ul class="summary-list"><li>Russia's amassing $1 billion worth of Indian rupees each month that it's struggling to use.</li><li>India has been buying Russian oil using rupees as Moscow has been shut out of the USD-denominated global payments system.</li></ul><a href="https://markets.businessinsider.com/news/commodities/russia-oil-exports-economy-record-highs-production-output-cuts-crude-2023-5">Russia's oil trade with India is booming</a> — but Moscow doesn't know how to fully reap the benefits of that trade. Even since Russia was cut off from the US dollar-dominated global payments systems following sweeping sanctions off the Ukraine war, the two countries have used the Indian rupee for trade.However, Russia's now having issues with trading in the rupee because there's more Indian demand for Russian goods than the other way around — meaning Russia has been saddled up to $1 billion worth of rupees each month that's stuck in Indian banks, according to <a href="https://www.bloomberg.com/news/articles/2023-06-01/russia-s-rupee-trap-is-adding-to-147-billion-hoard-stuck-abroad" target="_blank" rel="noopener">Bloomberg calculations</a> on Thursday.And it's not like Russia can send the rupees back home either because India has <a href="https://www.ncaer.org/wp-content/uploads/2022/09/j4.pdf" target="_blank" rel="noopener">restrictions over capital flows</a> by foreign investors — the country is looking at $2 to $3 billion worth of rupees stuck in India every quarter.That adds up to $147 billion in Russia's net foreign assets built up over 2022, per Bloomberg estimates based on Bank of Russia data. To contextualize how big of a sum that is for Russia, the country spent 5.51 trillion rubles, or $68 billion, on defense in 2022, <a href="https://www.reuters.com/world/europe/russias-defence-spending-jumped-282-yy-26-bln-jan-feb-budget-data-2023-05-15/" target="_blank" rel="noopener">per a May 15 Reuters report that cites data from the country's Federal Treasury</a>.<a href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5" target="_blank" rel="noopener">Russian Foreign Minister Sergei Lavrov</a> flagged the issues with the rupee earlier this month — <a href="https://www.bloomberg.com/news/articles/2023-05-05/russia-says-it-has-billions-of-indian-rupees-that-it-can-t-use" target="_blank" rel="noopener">he told reporters in India on May 5</a> there was a problem with "billions of rupees accumulated in accounts at Indian banks, and we need to use this money.""For this, rupees should be converted into other currencies. This is being discussed," Lavrov said, per Bloomberg.India and Russia are now trying to work out how Russia can use its mounting rupee stash. Options include getting Russian entities to invest in India's capital markets, Bloomberg reported, citing officials in India familiar with details.Another option under discussion is having Russia channel the rupees into Indian infrastructure projects in exchange for equity stakes, per the media outlet.But in these talks, Moscow doesn't really have much bargaining power."There are no alternative oil importers of India's caliber on the horizon for Russia, so exporters and banks will gradually accept settlement in rupees," said Alexander Isakov, Russia economist at Bloomberg Economics.And while India may have boosted its Russian oil purchases by taking advantage of <a href="https://www.businessinsider.com/russia-ukraine-war-energy-revenues-admit-problems-discounts-sanctions-2023-5">steep discounts</a> amid Western sanctions and boycotts, these buyers also have other options for obtaining their energy requirements, wrote Ian Hall, a professor of international relations, on the <a href="https://www.internationalaffairs.org.au/australianoutlook/trade-talks-mask-growing-tensions-between-india-and-russia/" target="_blank" rel="noopener">Australian Institute of International Affairs website</a> on May 2. "It is unlikely, however, that India will remain so dependent on Russian supplies in the medium to long term, given the relative proximity of the Middle Eastern producers on which it has traditionally relied," wrote Hall, who is also acting director of the Griffith Asia Institute at Griffith University in Australia.The Kremlin, Russian central bank, and India's External Affairs ministry did not immediately respond to Insider's requests for comment.

Russia doesn't know what to do with the $1 billion in rupees it is amassing in India each month

<ul><li>On Monday, <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s <keyword id="6355302" type="UNKNOWN" weightage="20" keywordseo="Rupee">rupee</keyword> hit an <keyword id="844474" type="PERSON" weightage="20" keywordseo="all-time-low">all time low</keyword> of ₹69.92 as a result of the <keyword id="6795323" type="UNKNOWN" weightage="20" keywordseo="turkish-lira-crisis">Turkish lira crisis</keyword>. </li><li>The ₹1.09 drop is the largest single-day drop to occur in the past 5 years. </li><li>Even the stock markets spiralled witnessing more than half a percent drop.</li></ul>The ramifications of the Turkish economic crisis hit India yesterday with the rupee plummeting to an <a href="https://www.business-standard.com/article/finance/rupee-crashes-to-all-time-low-of-69-91-against-dollar-on-turkish-lira-shock-118081301329_1.html">all time low</a> against the dollar of ₹69.92. The speculation and apprehension of future volatility led to the drop of ₹1.09. This is the largest single-day drop in five years. It's also the first time that the India rupee has breached the ₹70-mark against the <keyword id="6354458" type="UNKNOWN" weightage="20" keywordseo="US">US</keyword> dollar. According to experts, the dip in the rupee happened primarily due to the Turkish lira falling nearly 8% in one day. At the end of yesterday, the rupee was the worst performing <keyword id="772586" type="COMPANY" weightage="20" keywordseo="Asian-currency">Asian currency</keyword>. The reason India has been hit worse than its neighbours is due to its wide current account deficit that’s already <a href="https://www.businessinsider.in/india-may-bear-the-brunt-of-us-sanctions-against-iran/articleshow/65385157.cms">bearing the brunt</a> of US sanction against Iran. That being said, this financial year, the rupee has depreciated by 8.7% overall. In comparison, the Turkish lira has dropped 28% in August alone, and 45% over the year. Even the Russian ruble’s been hit with a 15% dip. The stock markets didn’t fair well either in the hazy economic climate with the Sensex and Nifty falling over half a percent each. India obviously wasn’t the sole witness to this phenomenon, with markets all the world being sent into a tailspin. Leading the charge was the drop in metal and banking stocks. Metal stocks have been on the downturn since the Trump administration announced their tariffs on the import of aluminium as move against China. Turkish turmoil The issue between the US and <keyword id="6372909" type="LOCATION" weightage="20" keywordseo="turkey">Turkey</keyword> isn’t even economic. It’s a political issue using economic tools to apply pressure. And at the heart of it all sits Andrew Brunson. Brunson is an evangelical pastor from the US who’s being detained in Ankara for participating the 2016 coup against Turkey’s current President, Recep Tayyip Erdogan. On home turf, Trump is partly under pressure from a campaign that’s pushing for the pastor’s release. In retaliation, Erdogan has instructed the chief prosecutor of Istanbul to conduct an investigation into ‘persons who are involved in actions that threaten social peace, domestic calm and unity and confidence in the economy’. While the US is already fighting a trade war with China on one front, Turkey isn’t too happy about its strategic partner ‘stabbing it in the back’ either. Erdogan has gone as far as to say that there’s an ‘economic war’ being led against Ankara.

You Searched For "india rupees" and got 12 results

India ready for rupee trade with countries facing currency crises: Commerce Secretary

PTI

Rupee falls 10 paise to 82.75 against US dollar in early trade

PTI

India Is Working On A Big Plan To Boost The Rupee

Saranya Kapur

Rupee falls 1 paisa to close at all-time low yet again

PTI

India Is Scrambling To Figure Out What To Do About Its Tumbling Rupee

Agence France Presse

Rupee falls 8 paise to 82.74 against US dollar

PTI

The Indian Rupee Just Had Its Best Day In 4 Years

Sam Ro

Here's A Sand Sculpture About Saving The Rupee

Joe Weisenthal

Russia and India reportedly halt talks over using rupees for trade, with Moscow preferring to be paid in Chinese yuan

Carla Mozée

ADB raises USD 118 mn from rupee-linked bonds

PTI

Russia doesn't know what to do with the $1 billion in rupees it is amassing in India each month

Huileng Tan

Turkish lira crisis leads India to the largest rupee drop in 5 years

Prabhjote Gill

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